Condominium association: An association of all owners in a condominium.
Condominium budget: A financial forecast and record of a condominium association's expenses and savings.
Condominium by-laws: Guidelines passed by the condo association used in administration of the condominium property.
Condominium declarations: A document that legally establishes a condo.
Condominium right of initial refusal: A person or a link that has the first chance to purchase condominium real estate when it becomes available or the proper to meet any other offer.
Condominium guidelines and regulation: Guidelines of a condominium association by which owners agree to abide.
Contingency: A provision in a agreement requiring certain works to be completed before the contract is binding.
Continue to show: Whenever a property is less than contract with contingencies, however the vendor requests that the house continue to be shown to prospective buyers until contingencies are released.
Agreement for deed: A product sales contract in which the buyer uses possession of the house however the seller holds title until the mortgage is paid. Also known as an installment sale agreement.
Conventional mortgage: A kind of mortgage which has certain limitations placed on it to meet secondary market guidelines. Mortgage companies, banks, and savings and loans underwrite regular mortgages.
Cooperating commission: A commission offered to the buyer's agent brokerage for bringing a buyer to the selling brokerage's listing.
Cooperative (Co-op): Where in fact the shareholders of the corporation are the inhabitants of the building. Each shareholder has the correct to lease a specific unit. The difference between a co-op and a condominium is certainly in a co-op, one owns shares in a corporation; in a condo one owns the machine fee simple.
Counteroffer: The response to an present or a bid by owner or buyer after the original offer or bid.
Credit report: Includes all of the background for a borrower's credit accounts, exceptional debts, and payment timelines on history or current debts.
Credit history: A score assigned to a borrower's credit report predicated on information contained therein.
Curb appeal: The visual impact a house projects from the road.
Days on market: The number of days a property has been in the marketplace.
Decree: A judgment of the courtroom that pieces out the agreements and privileges of the parties.
Disclosures: Federal, state, county, and community requirements of disclosure that the seller provides and the buyer acknowledges.
Divorce: The legal separation of a husband and wife effected by a courtroom decree that totally dissolves the relationship relationship.
DOM: Days on market.
Down payment: The quantity of cash put toward a buy by the borrower.
Drive-by: When a buyer or seller agent or broker drives by a property listing or potential listing.
Dual agent: A state-licensed person that represents the seller and the buyer in a single transaction.
Earnest money deposit: The money given to owner at the time the offer is manufactured as an indicator of the buyer's good faith.
Escrow account for property taxes and insurance: A merchant account into which borrowers pay regular prorations for real estate taxes and property insurance.
Exclusions: Fittings or personal property that are excluded from the agreement or offer to get.
Expired (listing): A property listing that has expired per the terms of the listing contract.
Fax rider: A document that treats facsimile transmission as the same legal effect as the initial document.
Feedback: The true estate sales agent and/or his or her client's reaction to an inventory or property. Requested by the listing agent.
Fee simple: A type of property ownership where in fact the owner has the to use and dispose of property at will.
FHA (Federal Housing Administration) Loan Guarantee: A guarantee by the FHA a percentage of financing will be underwritten by a mortgage company or banker.
Fixture: Personal property that has become part of the home through permanent attachment.
Flat rate: A predetermined amount of compensation received or payed for a particular service in a real estate transaction.
For sale by owner (FSBO): A property that's for sale by who owns the property.
Present letter: A letter to a lender stating that a present of cash has been designed to the customer(s) and that the person gifting the http://www.bbc.co.uk/search?q=real estate money to the buyer is not expecting the gift to end up being repaid. The precise wording of the gift letter should be requested of the lender.
Good faith estimate: Beneath the Real Estate Settlement Procedures Act, within three days of an application submission, lenders are required to provide in writing to potential borrowers a good faith estimate of closing costs.
Gross sale cost: The sale price before any concessions.
Hazard insurance: Insurance that covers losses to property from damages that might affect its value.
Homeowner's insurance: Coverage that includes personal liability and theft insurance furthermore to hazard insurance.
HUD/RESPA (Casing and Urban Development/True Estate Settlement Procedures Work): A document and statement that details all of the monies paid and received at a genuine estate property closing.
Hybrid adjustable rate: Offers a fixed rate the 1st 5 years and adjusts annually for the next 25 years.
IDX (Internet Data Exchange): Allows real estate brokers to advertise each other's listings posted to listing databases like the multiple listing service.
Inclusions: Fixtures or personal property that are included in a contract or offer to purchase.
Independent contractor: A real estate sales agent who conducts real estate business through a broker. This agent does not receive income or advantages from the broker.
Inspection rider: Rider to buy agreement between alternative party relocation firm and purchaser of transferee's real estate stating that property has been sold "while is." All inspection reviews conducted by the 3rd party organization are disclosed to the customer and it is the buyer's duty to accomplish his/her very own inspections and tests.
Installment land contract: A contract where the buyer needs possession of the property while the seller retains the name to the property until the loan is paid.
Interest float: The debtor decides to delay locking their interest on their mortgage. They are able to float their price in expectation of the price moving down. By the end of the float period they need to lock a rate.
Interest rate lock: When the debtor and lender agree to lock an interest rate on loan. Can have terms and conditions attached https://en.search.wordpress.com/?src=organic&q=real estate to the lock.
List date: Actual time the property was listed with the current broker.
List price: The cost of a home through an inventory agreement.
Listing: Brokers written agreement to represent a seller and their house. Agents make reference to their http://franciscosjkk036.bravesites.com/entries/general/15-weird-hobbies-that-ll-make-you-better-at-selling-a-home-in-clifton-nj inventory of agreements with sellers as listings.
Listing agent: The true estate sales agent that is representing the retailers and their house, through a listing agreement.
Listing agreement: A record that establishes the real estate agent's agreement with the sellers to represent their property in the market.
Listing appointment: The time when a property sales agent meets with clients selling a house to secure a listing agreement.
Listing exclusion: A clause included in the listing agreement when owner (transferee) lists his or her property with an agent.
Loan: Some money that's lent to a debtor who agrees to settle the amount plus interest.
Loan application: A document that customers who are requesting financing fill out and submit with their lender.
Mortgage closing costs: The costs a lender charges to close a borrower's loan. These costs change from lender to lender and from market to market.
Loan commitment: A written document informing the borrowers that the home loan company has decided to lend them a specific amount of money at a specific interest rate for a specific period of time. The loan commitment may also contain conditions where the loan commitment is based.
Loan package: The band of mortgage paperwork that the borrower's loan provider sends to the closing or escrow.
Loan processor chip: An administrative individual who is assigned to check, verify, and assemble all of the records and the buyer's money and the borrower's loan for closing.
Loan underwriter: One who underwrites a loan for another. Some lenders have traders underwrite a buyer's loan.
Lockbox: A tool that allows secure storage space of real estate keys on the premises for agent use. A combo runs on the rotating dial to gain access with a mixture; a Supra® (electronic lockbox or ELB) includes a keypad.
Controlling broker: A person certified by the state because a broker who's also the broker of record intended for a genuine estate sales office. This person manages the daily procedures of a real estate sales office.
Marketing period: The time period where the transferee may market their property (typically 45, 60, or 90 days), as directed by the third-party company's contract with the employer.
Mortgage banker: Person who lends the bank's money to borrowers and provides lenders and borrowers together.
Large financial company: A business that or a person who unites lenders and borrowers and processes mortgage applications.
Home mortgage servicing company: A business that collects regular monthly mortgage payments from borrowers.
Mls (MLS): A service that compiles available properties on the market by member brokers.
Multiple offers: Several customers broker present an offer on one property where in fact the gives are negotiated at the same time.
National Association of REALTORS® (NAR): A national association made up of real estate sales people.
Net sales price: Product sales cost less concessions to the purchasers.
Off market: A house listing that has been taken off the sale inventory in a market. A property can be temporarily or permanently off http://edition.cnn.com/search/?text=real estate market.
Offer to get: When a buyer proposes specific terms and presents these terms to the seller.
Office tour/caravan: A going for walks or driving tour by a real estate sales office of listings represented by brokers in the office. Generally held on a established day and time.
Parcel identification number (PIN): A taxing authority's tracking amount for a property.
Pending: A genuine estate contract that has been accepted on a property but the transaction hasn't closed.
Personal assistant: A genuine estate telemarketer administrative assistant.
Planned unit advancement (PUD): Mixed-use development that sets aside areas for residential use, commercial use, and open public areas such as for example schools, parks, and so forth.